Help. CRF shows Co-Op overdraft in arrears

Mousey81

Hi,
Back in 2005 Co-Op withdrew my £1500 overdraft facility when I went a little silly with my cheque book. I have been paying an arrangement on time each month since 2006, but the CRF shows the following;

CO-OPERATIVE BANK
ENTRY NUMBER: C4
Name: M
Address: 2*********************FR
Date of birth: xx/xx/xxxx
Company name: CO-OPERATIVE BANK PLC
Account type: Current Account
Special Instruction Indicator: Arrangement
Special Instruction Start Date: 01/02/2010
Special Instruction End Date: 01/07/2010
Started: 27/06/2005
Current Balance: £740
File Updated for the Period to: 12/09/2010
Status history:
[] brackets indicate most recent months status [ 6 ] 66666 666666666666 666666666666 666666
Summary of payment history: In the last 36 months of account activity, the number of status 1-2 is 0 and the number of status 3+ is 36

Next month they have agreed a partial settlement figure of £500, but this will close the account with those payment indicators remaining for 6 years. Is there anything I can do to get the indicators changed or removed as the i would have had a better CRF if I had defaulted in 2005 rather than making the arrangment and paying back the debt?

Phil

opinions4u

It's a record that states the facts.

Why should it change?

pmduk

From first reading it shows that the arrangement ended in July, you might want to check that the bank considers the arrangement to be in place still.

Mousey81

opinions4u wrote: »

It's a record that states the facts.

Why should it change?

I would have thought that the dates on the arrangement should match that I have been paying the bank under the revised terms for a considerable period ...

... also the account shows as 6 months or more in arrears but I have been paying on time every month to the revised agreement.

Any thoughts?

Also, if I had defaulted in 2005 then the CRF entry would have been removed in 2011 ( 6 years from default ) but because I agreed with the bank to repay the overdraft (and they never defaulted me) this entry will stay on my file for 6 years from settlement meaning 2016.

Doesn't the bank have a duty to take action which causes the least detriment to me in these circumstances?

Joe_Bloggs

@Phil
I don't understand what partial settlement means. I hope you have got your financial act together. You have stretched matters out a bit and by not making much of an effort you have allowed a problem in the past to affect the present and future. Can you pay them off and keep the account open? This may help the sixes go away in three years rather than six. This may be just wishful thinking.
J_B.

Mousey81

The original balance in 2005 was £3k, the repayments started at £30 per month and have increased over the past 5 years to £50 per month. The account still has a balance of just over £700, but rather than keep paying the £50 per month they have agreed to close the account with a final payment of £500.

They will close the account regardless when the balance is paid, so leaving it open for the arrears markers is not an option.

I don't understand how the bank can allow me to enter into an agreement to pay which makes my credit file worse (and for longer) than if I had just defaulted at the start of the problems? Is there anything I can do so that things don't look bad for the next 6 years?

LeeSouthEast

Not a help to your original query, but please edit your original post to take your name out

simax

I don't see the argument here. The account is technically still in arrears, so that's why it's being reported like that?!?!?